The price of wheelchair vans is typically much higher than a regular van or a car. Getting the proper financing is required so you can afford the vehicle. Before making your van purchase it is necessary to shop around, get prequalified and save for a down payment. Once you take ownership of the van it is essential that you make all your payments on time to ensure you are able to keep your vehicle.
Shopping Around
Start by shopping around for the right financing company to meet your needs. Visit with banks and private lenders to see what kind of special programs they offer for wheelchair vans. It might be necessary to visit several different companies before you find one that meets your needs.
Prequalification
Getting prequalified means you will get approved for a certain amount of a loan and you can go looking for wheelchair vans that will fit into that price range. To get prequalified you go through most of the same steps as you would to apply for a loan. You will need to provide income verification and monthly expenses. Prequalification makes it easier for you to know your price limits and not look at wheelchair vans that are higher than those limits.
Down Payment
Usually you will be required to have a down payment ready when you purchase your van. This amount is determined between you and your finance company during the prequalification phase. Saving up your money for the down payment can help reduce your monthly costs of a wheelchair van payment. It might be useful to start saving well in advance so you have as much money as possible to use as a down payment.
Taking Ownership
Typically a finance company will stretch out the length of a loan for large vehicles like a wheelchair van. These finance terms vary, but can go up to 10 years for repayment. Once all the finance information has been signed, the dealership will pass over ownership to you.
Getting financing for wheelchair vans is a process that starts will taking a look at several different companies to determine which will work best for you. Then prequalification and down payment specifics are arranged, with the final step of you taking ownership of the wheelchair van. Getting wheelchair vans financed through your bank, or a private lender takes time but your bank will reward your time by offering you a long term repayment loan for your wheelchair van.
Shopping Around
Start by shopping around for the right financing company to meet your needs. Visit with banks and private lenders to see what kind of special programs they offer for wheelchair vans. It might be necessary to visit several different companies before you find one that meets your needs.
Prequalification
Getting prequalified means you will get approved for a certain amount of a loan and you can go looking for wheelchair vans that will fit into that price range. To get prequalified you go through most of the same steps as you would to apply for a loan. You will need to provide income verification and monthly expenses. Prequalification makes it easier for you to know your price limits and not look at wheelchair vans that are higher than those limits.
Down Payment
Usually you will be required to have a down payment ready when you purchase your van. This amount is determined between you and your finance company during the prequalification phase. Saving up your money for the down payment can help reduce your monthly costs of a wheelchair van payment. It might be useful to start saving well in advance so you have as much money as possible to use as a down payment.
Taking Ownership
Typically a finance company will stretch out the length of a loan for large vehicles like a wheelchair van. These finance terms vary, but can go up to 10 years for repayment. Once all the finance information has been signed, the dealership will pass over ownership to you.
Getting financing for wheelchair vans is a process that starts will taking a look at several different companies to determine which will work best for you. Then prequalification and down payment specifics are arranged, with the final step of you taking ownership of the wheelchair van. Getting wheelchair vans financed through your bank, or a private lender takes time but your bank will reward your time by offering you a long term repayment loan for your wheelchair van.